RM 06-05-92 - Laserfiche WebLink

Home Browse Search

South Bend Reschedule 6. NEW BU b. co: C. elopment Commission ar Meeting - June 5, 1992 (Cont.) inued... amount of approximately $1,410,000 to acquire the Palais Royale and lease the building to the Commission. There are certain funds that need to be established to service the bond. The resolution also states that the Commission will deposit or cause to be deposited into the principal and interest account an amount sufficient to pay the first three rental paynents. Following that, on an annual bas's, the Commission will deposit enough in he account to cover the semi - annual pa ents. The bond has a general obligation backup. The terms of the purchase agreement between the Authority and the current owners of the Palais Royale are that we close on the sale by August 15. We are anticipating a bond sale in mid July with a b nd closing projected in early August. The current owners will put a deed in escrow by the end of June and we will obtain the money by the end of Aua st. Upon a motion by Ms. Huddleston, seconded by Mr. Donoho and unanimously carried, the Commission approved Resolution No. 1067 establishing certain funds and acc unts in connection with the Lease dated as of March 1, 1992 between the South Bend Redevelopment Commission and the South Bend Redevelopment Authority relating to the Palais Royale Acquisition Pro'ect and other related matters. Ben Central Development Area. (Parcel M4- , 402 -404 E. South Street) Mrs. Kolata noted that this relates to the L. Keen Building in Monroe Park. She not d that the Commission previously took bac complete control of the L. Keen -4- COMMISSION APPROVED RESOLUTION NO. 1067 ESTABLISHING CERTAIN FUNDS AND ACCOUNTS IN CONNECTION WITH THE LEASE DATED AS OF MARCH 1, 1992, BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO THE PALAIS ROYALE ACQUISITION PROJECT AND OTHER RELATED MATTERS